Description

Over the past decade in Asia, a growing awareness of the interdependence among countries in the region and of the importance of regional cooperation in managing the challenges of globalization has led to important steps to enhance regional economic cooperation initiatives. Relatively slow progress with multilateral initiatives and the proliferation of regional blocs in other parts of the world have provided additional impetus to greater cooperation within Asia. There is a realization that open regionalism can contribute substantially to enhanced productivity and economic growth, and to poverty reduction, within the region.

Economic cooperation in Asia has so far been limited mainly to the bilateral or subregional levels and in the areas of trade and investment, money and finance, and infrastructure. More recently, however, the geographic scope of agreements has started to expand across the different subregions, providing initial signs of cooperation and integration in Asia as a whole.

This publication contains papers presented by experts at a high-level conference organized at the Asian Development Bank in July 2004. It:

• evaluates the current state of economic cooperation and integration in Asia and its contribution to the development and stability of the region
• explores the potential benefits of regional cooperation and integration, as well as its complexities and challenges
• discusses possible directions for enhancing economic integration within the region

The analyses in this book will contribute to a deeper understanding of the process of economic cooperation and integration in Asia.

Contents

• Foreword
• Part I: Overview
  • An Overview of Economic Cooperation and Integration in Asia
• Part II: Regional Cooperation and Integration
  • Asia's Reemergence: When Can Asia Reclaim Its Place in the World Economy
  • Asian Economic Community: Toward Pan-Asian Economic Integration
  • Sequence of Financial, Trade and Monetary Regionalism
• Part III: Trade and Investment
  • Free Trade Areas in the ESCAP Region: Progress, Challenges and Prospects
  • The New Wave of Free Trade Agreements in Asia: With Particular Reference to ASEAN, People's Republic of China and India
  • Trade and Investment Integration and Cooperation in East Asia: Empirical Evidence and Issues
• Part IV: Money and Finance
  • Real and Pseudo Preconditions for an Asian Monetary Union
  • Macroeconomic Interdependence in East Asia: Empirical Evidence and Issues
  • Monetary and Financial Integration in Asia: Empirical Evidence and Issues
• Part V: Infrastructure and Associated Software
  • Infrastructure Networks to Extend Regional Production Networks to Inland Sites in Asia
  • Increased Connectivity in Asia: Empirical Evidence and Issues
  • Effect of Transaction Costs on International Integration in the Asian Economic Community